SACRAMENTO – Gov. Arnold Schwarzenegger has signed a package of bills designed to close California’s $42 billion budget shortfall for the next 1? years.

The Republican governor signed the bills Friday during a brief event that was closed to reporters. He made no public comments.

On Thursday, Schwarzenegger praised lawmakers for taking a courageous stand in agreeing to a compromise. The plan includes $15 billion in spending cuts, $12.8 billion in temporary tax increases and $11 billion in borrowing.

The package of 34 bills passed both houses of the Legislature with the minimum number of Republican votes needed to reach the required two-thirds majority.